Employees' Provident Fund Organisation (EPFO), the retirement fund body, allows subscribers to update Know Your Customer (KYC) details in Employees' Provident Fund (EPF) account through its online portal - epfindia.gov.in. If the EPF account is not KYC compliant, EPFO can reject the claim request raised by subscriber.
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Also, EPF accounts can be transferred smoothly if the KYC details are updated. Members get a monthly SMS intimating the monthly PF after activation.
"In case, the member withdraws PF before five years of service, a TDS of 10 percent is levied against the amount if PAN is updated in the EPF account
However, if PAN is not updated, TDS charge will increase to 34.608 percent," according to PolicyBazaar.
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Here are the steps to update KYC in EPF account online:
Step 1: Visit the EPFO's member portal and login through username and password.
Step 2: Go to 'Manage' option in the top menu bar.
Step 3: Select the 'KYC' option from drop-down.
Step 4: A new page opens which contains a list of different document type. Enter the document number, name as per document and other details such as IFSC in case of bank details and expiry date in case of passport and driving license.
Step 5: Now, click on 'save'.
Step 6: The status of the KYC document will be shown under the 'KYC Pending for Approval' column. Now, submit the document proof to employer.
Step 7: Once documents are verified by employer, the status will be shown under the 'Digitally Approved KYC'. Also, an SMS will be received on the registered mobile number.
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